The Guggenheim Solar ETF (TAN) dropped 3.8% during the week of June 26. The ETF represents the global solar power industry, with holdings in all major global solar players. An American trio—SunEdison (SUNE), FirstSolar (FSLR), and SolarCity (SCTY)—are the top three holdings of the ETF with weights of 8.4%, 6.4%, and 6.0%, respectively.
All ten solar players on our coverage list fell during the week. The SPDR S&P 500 ETF (SPY) fell 0.5% during the same week.
American Depository Receipts (or ADRs) of Chinese player Renesola fell 14.2% to $1.45, with a market capitalization of $147 million. Chinese solar PV (photovoltaic) manufacturers are feeling continued heat from the European Union’s anti-dumping decision. Renesola is one of the players with high exposure to Europe.
Canadian Solar (CSIQ) fell 7.9% during the week as the company awaited a crucial anti-dumping ruling by Canada on Chinese solar panels. Although the company is headquartered in Canada, most of its manufacturing activities occur in China, making it vulnerable to this possible ruling. The stock ended the week at $29.75 with a market capitalization of $1.6 billion.